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CHICAGO - CCC (WA:CCCP) Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), a cloud platform provider for the P&C insurance economy, has announced a secondary offering of 42 million shares by affiliates of Advent International, L.P. The shares will be sold at prevailing market prices in negotiated transactions.
Concurrently, CCC plans to repurchase 7 million shares from the underwriters as part of the offering, using cash on hand. This repurchase aligns with the company’s strategy to manage its capital structure. The company maintains strong liquidity with a current ratio of 3.65, indicating robust ability to meet short-term obligations.
The joint book running managers for this offering are BofA Securities, Inc., Goldman Sachs & Co. LLC, Jefferies, and J.P. Morgan Securities LLC. The offering is made possible through a shelf registration statement that became effective on October 14, 2022.
CCC Intelligent Solutions Inc., a subsidiary of CCC Intelligent Solutions Holdings Inc., is known for its CCC Intelligent Experience (IX) Cloud™ platform, which leverages AI and connects over 35,000 businesses in the P&C insurance sector.
The press release also includes forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ materially from those projected. These risks are detailed in the company’s Form 10-K filed with the SEC on February 25, 2025.
The company will not receive any proceeds from the sale of shares by the Selling Stockholders. This offering is subject to market conditions and customary closing conditions.
Investors and interested parties can obtain the prospectus supplement and accompanying base prospectus from the SEC website or directly from the underwriters.
This news article is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities. For detailed financial analysis and real-time updates on CCCS and 1,400+ other US stocks, visit InvestingPro.
In other recent news, CCC Intelligent Solutions Holdings Inc. reported its fourth-quarter 2024 earnings, aligning with analyst expectations with an earnings per share of $0.10 and slightly exceeding revenue forecasts at $246.5 million. This performance represents an 8% year-over-year revenue increase, contributing to a full-year revenue of $944.8 million, up 9% from the previous year. The company also announced projections for 2025, estimating revenue between $1.055 billion and $1.065 billion, with the acquisition of Evolution IQ expected to add $45-$50 million to this growth. Despite these positive earnings, JPMorgan recently downgraded CCC Intelligent Solutions’ stock rating from Overweight to Neutral, citing concerns about the company’s growth potential and market penetration. Analysts pointed out that the company’s fiscal year 2025 guidance for organic revenue growth is approximately 7%, the slowest rate in four years. Additionally, the company’s net dollar retention decreased to 105%, marking the lowest level since 2020. CCC Intelligent Solutions has been active in expanding its market reach through strategic acquisitions and the launch of new AI-driven products, which are anticipated to play a significant role in the ongoing digital transformation of the insurance sector.
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